Daewoo to launch Matiz variant

NEW DELHI, JUNE 27. Daewoo Motors India (DMIL) will launch a limited edition version of its premium small car Matiz early next month. The new variant, featuring some exterior changes such as a new front grill and chrome headlights, would be priced at over Rs. 3.79 lakhs (ex-showroom Delhi), a premium of about Rs. 2,500 over the present top-end version of the car, DMIL officials told PTI today.

The company would roll out only 200 units of the limited edition Matiz, the officials said adding DMIL at present, manufactures four variants of the car.

During the fiscal ended March 31, 2001, DMIL recorded a rise in sales of 6.8 per cent at 42,960 cars. In this fiscal (April-May 2001-02), its sales have declined by 60.3 per cent to 4,403 cars due to consumer worries over the bankruptcy of its parent company in South Korea. DMIL managing director and CEO, Mr. Young Tae Cho, said the company had targeted to make savings of Rs. 85 crores in this fiscal through cost-cutting measures. ``Last year, we made savings of Rs. 58 crores," Mr. Cho said.

``Our present debt stands at about Rs. 1,000 crores," he said adding talks were on with the financial institutions such as ICICI and IDBI for rescheduling of the debts. ``We have got a positive response from the FIs for our debt restructuring programme," he said.

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Section  : Business
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